Why MGIC Investment's Stock Is Trading Lower Today

MGIC Investment Corp MTG shares are trading lower on Tuesday, after Keefe, Bruyette & Woods downgraded the stock from Outperform to Market Perform.

MGIC Investment Corp provides private mortgage insurance and other services to mortgage lenders, covering them against defaults by homeowners on residential mortgages. The insurance premiums that these customers pay for the protection accounts for close to 90% of the company's total revenue.

MGIC Investment Corp shares are trading down 5.99% at $9.64 at time of publication on Tuesday. The stock has a 52-week high of $15.24 and a 52-week low of $4.34.